Data available with stock exchanges BSE and NSE showed the issue has received bids for 4.38 crore shares, or 3.57 times the total issue size of 1.22 crore shares.Amit Mudgill | ET Online | July 13, 2016, 08:40 IST

NEW DELHI: The initial public offering (IPO) of L&T Infotech continued to witness heavy demand on Day 2, with the issue receiving bids for 3.57 times the total issue size till 11.30 am. The issue recorded full subscription on the first day itself.

Data available with stock exchanges BSE and NSE showed the issue has received bids for 4.38 crore shares till 5 PM, 3.57 times the total issue size of 1.22 crore shares.

The issue had received bids for 2 crore shares on Day 1, which was 1.23 times the total issue size.

Till Day 2, qualified institutional investors bade for 1.40 crore shares on NSE against the quota limit of 35 lakh shares, which worked out to 4.02 times the reserved quota. The retail quota was subscribed by 1.44 times and the non-institutional investor quote 0.28 times. On BSE, the retail quota was subscribed 2.36 times, followed by the NII (34 per cent) and QIB (1.36 times) quotas.

Half of the Rs 1,243 crore issue is reserved for qualified institutional buyers (QIBs). Up to 60 per cent of the quota was allotted to anchor investors on Friday.

As per brokers' estimates, at the upper end of the price band, the stock would trade at a PE multiple of 13.6 times FY18 EPS.

"While it is currently trading at multiples similar to other mid-sized Indian IT players, we expect it to post growth in line with industry, if not more, driven by benefits from increasing digital contribution, L&T parentage and easing concerns over the energy space," brokerage Antique Stock Broking said in a note.